Wall Street Greek: Russia Complicating Matters Already Complex

Besides a heavy economic data flow Thursday, we have an intensifying situation around Syria to deal with. Russia’s active opposition to the apparent American leaning toward an attack on the asinine Assad is complicating matters. We take a look at yesterday’s news for you and give you all the info you need. Get Friday’s details today by subscribing to our blog.

Many Factors at Play

Market ETF	September 5, 2013	Year-to-Date
SPDR S&P 500 (NYSE: SPY)	+0.1%	+16.4%
SPDR Dow Jones (NYSE: DIA)	-0.0%	+14.3%
PowerShares (Nasdaq: QQQ)	+0.2%	+18.0%

Stocks rethought things through the day Thursday, it seems on the alteration of the President’s plans. President Obama has cancelled a planned trip to California to be in Washington as the Congressional discussion and decision about Syria occurs. It seems to me that the investment community takes this as a sobering sign that an engagement of Syria will occur. I see it, however, as a sign of weakness and the potential for the U.S. Congress to determine to keep busy at home and let the Middle East sort out its own disgusting mess by itself. It’s ironic that in the end, inaction might save us a terrible mess with the Russians.

Economic Events

ECONOMIC REPORT SCHEDULE
Economic Data Point	Prior Period	Expected	Actual
THURSDAY
ADP Private Employment	+198K (Rev)	+177K	+176K
Challenger Job-Cuts	37,701		50,462
ISM Non-Manufacturing Index	56.0	55.0	58.6
Factory Orders	+1.6% (R)	-3.4%	-2.4%
Productivity & Costs	+0.9%	+1.8%	+2.3%
Monthly Chain Store Sales
Bloomberg Consumer Comfort	-31.7		-32.3
Weekly Jobless Claims	332K	330K	323K
EIA Natural Gas Report	67 Bcf		58 Bcf
EIA Petroleum Status
-Crude Oil Inventory	+3.0 M Barrels		-1.8 M
-Gasoline Inventory	-0.6 M		-1.8 M
US Payroll-to-Population	44.6%		43.7%

The economic data flow today was sobering as well as heavy Thursday due to the holiday this week. The monthly employment data was negative, with both the ADP and Challenger reports showing deterioration in the latest measured period. Add to that, the growing concern about a consumer spending slippage and confidence decline, as seen in the weekly consumer comfort measure, and there was something to worry about. The latest monthly motor vehicle sales held ground against that theory though on Wednesday. Chain store sales, reported by many retailers on Thursday, were mixed.

The day’s manufacturing and goods producing data was mixed as well. The important measure of the service sector, however, showed significant improvement. Given the importance of the service sector to our economy, with 90% of the economy driven by services, the news acted as a support.

Overseas Markets

EUROPE	CLOSE	ASIA/PACIFIC	CLOSE
EURO STOXX 50	+0.6%	NIKKEI 225	+0.1%
German DAX	+0.5%	Hang Seng	+1.2%
CAC 40	+0.7%	S&P/ASX 200	-0.4%
FTSE 100	+0.9%	Korean KOSPI	+1.0%
Bloomberg GCC 200 Mideast	-0.9%	BSE India SENSEX	+2.2%

International markets were perhaps hopeful as the G-20 met in Russia yesterday. President Obama is addressing the world as we scribble here currently and as more Russian warships head toward Syria to meet an American fleet nearby. You can expect stocks to start downward if the American Congress approves action because of the Russian intervention.

Commodity Markets (CLOSE)

WTI Crude	+1.0%
Brent Crude	+0.4%
NYMEX Natural Gas	-2.6%
RBOB Gasoline	-1.0%
Gold Spot	-1.6%
Silver Spot	-1.1%
COMEX Copper	+0.2%
CBOT Corn	-1.8%
CBOT Wheat	-0.9%
CBOT Soybeans	+1.1%
ICE Cocoa	+2.8%
ICE Sugar	+0.8%
ICE Orange Juice Conc.	-0.4%
CME Lumber	-1.3%
CME Live Cattle	-0.6%

Look for oil and gold to begin to move markedly higher if the U.S. Congress approves action, now that Russia is taking an active position against it.

Corporate Events

Earnings season has officially fizzled out here at the close of summer and start of September, as evidenced by the light list of reporters this week.

REPORTING EARNINGS
Company	Ticker
THURSDAY
Conn’s	Nasdaq: CONN
Calavo Growers	Nasdaq: CVGW
Ambarella	Nasdaq: AMBA
Inteliquent	Nasdaq: IQNT
Titan Machinery	Nasdaq: TITN
Finisar	Nasdaq: FNSR
Jos. A. Bank	Nasdaq: JOSB
LightPath Technologies	Nasdaq: LPTH
Patheon	NYSE: PTI
VeriFone	NYSE: PAY
PMFG	Nasdaq: PMFG
RG Barry	Nasdaq: DFZ
Zumiez	Nasdaq: ZUMZ
Smith & Wesson	Nasdaq: SWHC
SeaChange Int’l	Nasdaq: SEAC
Korn/Ferry Int’l	NYSE: KFY
Cooper Companies	NYSE: COO
Forest City Enterprises	Nasdaq: FCEA
Rally Software	Nasdaq: RALY
Infoblox	Nasdaq: BLOX
Quiksilver	NYSE: ZQK

MOST ACTIVE STOCKS
BIGGEST GAINERS	% Gain
Associated Banc-Corp (Nasdaq: ASBCW)	+50%
Broadway Financial (Nasdaq: BYFC)	+42%
Investors Capital (NYSE: ICH)	+43%
Rockwell Medical (Nasdaq: RMTI)	+33%
Kingtone Wirelessinfo (Nasdaq: KONE)	+25%
MiMedx Group (Nasdaq: MDXG)	+23%
Kaydon Corp. (NYSE: KDN)	+23%
Envivio (Nasdaq: ENVI)	+20%
Prospect Global Resources (Nasdaq: PGRX)	+22%
Sino-Global Shipping (Nasdaq: SINO)	+20%
BIGGEST LOSERS	% Drop
Agenus (Nasdaq: AGEN)	-27%
Bazaarvoice (NYSE: BV)	-17%
Galectin Therapeutics (Nasdaq: GALTU)	-14%
Mitcham Industries (Nasdaq: MIND)	-12%
Conn’s (Nasdaq: CONN)	-11%
Direxion Daily Gold Miners Bull (Nasdaq: NUGT)	-11%
Document Security Systems (NYSE: DSS)	-11%
Fuwei Films (Nasdaq: FFHL)	-9%
Direxion Daily Russia Bear 3xS (Nasdaq: RUSS)	-9%
Gastar Exploration (NYSE: GST)	-9%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.